Nicosia, the capital and largest city of the Turkish Republic of Northern Cyprus, is the world's last divided city, with the "green line" boundary separating the northern (Turkish) and southern (Greek) parts. It is located in Mesaoria, the central plain, between two mountain ranges, the Kyrenia Mountain Trail to the north and Trodos to the south.
Northern Nicosia has an ancient walled city with the gorgeous Sarayonu Square in its center. The walls are medieval, yet the city has many modern additions such as lively bars, restaurants, and stores. The entire area is a great combination of historical eras and architecture.
Despite its complicated past, Nicosia is currently a bustling city full of new developments and business opportunities. With only a few tourists, Nicosia offers a rich history, investment and work opportunities, numerous shopping opportunities, the best schools and universities on the island, and health care facilities. The natural beauty of the region, the cheap cost of living, reasonably priced flats, and the already well-established expatriate population are all drawing expats to Cyprus' capital.
Nicosia is a key transportation hub in Northern Cyprus, where highways from the region's other main towns, Famagusta, Kyrenia, and Morphou, connect. Being in the heart of the island has the advantage of having all locations easily accessible. From Ercan airport, it is a quick 20-minute car, taxi, or longer bus ride along a new, dual carriageway highway to the outskirts of the capital of Nicosia.
Living in Nicosia
The summer heat is a major disadvantage of living in Nicosia. It is Cyprus's hottest place, with summer temperatures exceeding 40 degrees.
North Nicosia is an important center of education and research, with over 34.000 students and four universities, the biggest of which is the Near East University.
Living on the Turkish side of Nicosia is not the most popular option for foreigners. It is indeed logical, because when you relocate to Cyprus, you want sea views from your terrace, which Nicosia can not provide. However, there are some advantages to living a little further inland: there are less visitors, therefore fewer service businesses such as stores, cafés, and restaurants raise their rates during the tourist season.
Outside the walled city, Nicosia's districts are more expansive, with bigger streets and crossroads. These locations are characterized by multi-story concrete buildings. Numerous enormous and majestic villas belonging to the middle and higher classes have been constructed on the outskirts of the city.
Property Market in Nicosia
Property for sale in Nicosia has gained popularity in recent years. Since Nicosia is a commercial and employment hub, a center of quality higher education, and an excellent living environment with a strategic location, properties for sale and rent in Nicosia are in high demand by both local and international purchasers.
The capital is the most convenient place to look for job, buy property in Northern Cyprus, and apply for residency. There is a wide range of wonderful properties for sale, from low-cost studio flats suited for young workers to larger 2- and 3-bedroom apartments and luxury villas. Therefore, whether you are a couple, a small family, or simply looking for a holiday rental to invest in, there are numerous options available to you. In terms of sustainability and demand, Nicosia may be the most secure option for profiting from long-term rentals.
Cyprus real estate investment, particularly residential property investment, offers numerous benefits. Since Cyprus has a strong tourist industry, renting luxury homes or flats to visitors is quite simple. Due to the weather, the island boasts one of the longest holiday seasons in Europe. As a result, you can rent your house to tourists from May until October. If you do decide to do this, you will also have the option of staying at the property yourself anytime you choose.
Important facts regarding the Nicosia property market:
- Nicosia has the highest amount of property transfers, besides Limassol
- Property transfer values in Nicosia have recovered significantly in 2021.
- Apartment prices in Nicosia are rising disproportionately (for houses slowly)
- In 2022, Nicosia apartment prices increased by 3.4%, while house prices dropped by 0.2%.
Overall, property price indices in Nicosia remain lower than in other areas of Cyprus.
